Industrial production growth slows down to 3.2% in December

12 Feb 2025 Evaluate

India’s industrial production growth, measured in terms of the Index of Industrial Production (IIP), slowed down to 3.2 per cent in December 2024, after rising to a six-month high of 5.2 per cent in November. The factory output witnessed a growth of 4.4 per cent in December 2023. The Quick Estimates of IIP stood at 157.2 against 152.3 in December 2023. The industrial production growth has decreased primarily due to the slowing of manufacturing output. Even as the pace of industrial output growth slowed down, December marked the fourth consecutive month of IIP growth. The index had contracted by 0.1% in August.

After rising by 5.8 per cent in November, manufacturing output increased by 3.0 per cent in December. In November 2023 it was 5.2 per cent. Mining production growth increased to 2.6 per cent from 19 per cent month-on-month. However, it was lower than 5.2 per cent growth in December 2023. Power output increased to 6.2 per cent in December 2024 from 4.4 per cent in November and 1.2 per cent a year ago. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2024 stood at 143.1, 156.2 and 192.8 respectively.

Within the manufacturing sector, 16 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in December 2024 over December 2023. The top three positive contributors for the month of December 2024 are - Manufacture of basic metals (6.7 per cent), Manufacture of electrical equipment (40.1 per cent) and Manufacture of coke and refined petroleum products (3.9 per cent).

As per the use base classification, Primary goods production rose by 3.8 per cent, Capital goods output increased by 10.3 per cent, Intermediate goods output grew by 5.9 per cent, Infrastructure and construction goods output rose by 6.3 per cent and Consumer durables output rose by 8.3 per cent, while Consumer non-durables contracted by 7.6 per cent. The indices stood at 157.7 for Primary Goods, 114.5 for Capital Goods, 169.3 for Intermediate Goods and 191.7 for Infrastructure/ Construction Goods for the month of December 2024. Further, the indices for Consumer durables and Consumer non-durables stood at 124.0 and 166.0 respectively.

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